Gold (XAU/USD) resumed its bearish momentum following a quick recovery from multi month lows sub 1dolar1 1800 in the last week.
The sellers returned after the alloy faced rejection at the 50 daily carrying typical (DMA), today at $1875.
On Wednesday, gold fell as much as 1 % to near the $1825 region plus paid the majority of the week meandering close to the latter, with the upside tries capped by the 21 DMA of $1841.
Gold Price Chart: Daily
XAU/USD’s day chart clearly shows that the price goes on to oscillate in a defined range. Acceptance above the 50 DMA is actually critical to reviving the retrieval momentum from four-month troughs of $1765.
Meanwhile, the 200-DMA support at $1809 is the level to beat for the bears. The 14-day Relative Strength Index (RSI) settled the week at 47.01, keeping the odds for additional downside alive.
Additionally, a failure to deliver a weekly closing above the critical short term hurdle of 21-DMA, also hints that more declines could be in the offing.
But, the Fed’s finalized monetary policy decision of this season and a likely US fiscal stimulus deal could have a major influence on the gold price activity inside the week ahead.
Gold Additional levels
These days previous price 1839.34
Today Daily Change 0.00
Today Daily Change % 0.00
Now every day open 1839.34
Daily SMA20 1838.62
Daily SMA50 1874.97
Day SMA100 1910.26
Daily SMA200 1809.34
Earlier Daily High 1847.78
Previous Daily Low 1824.16
Earlier Weekly High 1875.34
Previous Weekly Low 1822.22
Previous Monthly High 1965.58
Previous Monthly Low 1764.6
Everyday Fibonacci 38.2% 1838.76
Daily Fibonacci 61.8% 1833.18
Day Pivot Point S1 1826.41
Day Pivot Point S2 1813.47
Everyday Pivot Point S3 1802.79
Everyday Pivot Point R1 1850.03
Daily Pivot Point R2 1860.71
Day Pivot Point R3 1873.65